Residential Income Property with
For Sale
$209,000
520 N Stapley Drive #205, Mesa, AZ 85203
Updated interior with included appliances, private outdoor space, covered parking, and access to community recreation amenities.
Property Size879 SF
Price / SF$237.77
Days on Market42
Property Features for 520 N Stapley Drive #205
General Information
Standard status
Active
Size
879 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$437
Building Details
Building Size
879 SF
Year Built
1983
Stories
2
Listing Agency:
RE/MAX Fine Properties
(480) 792-9500
Listed By:
Matthew McKenney · License #BR043622000
(480) 233-4921
Source:
Aznewhorizonrealty
Added: Jul 23
Changed: Aug 30
Last Checked: Aug 31 at 5:11PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Fine Properties
Investment Insights
Based on property information with market context.
This residential income property offers an open great-room design with bright main living areas and upgraded flooring. The kitchen provides substantial cabinetry, updated stainless steel appliances, and an included refrigerator. The primary suite includes a vaulted ceiling, two closets, and a private full bathroom, while the secondary bedroom is paired with a separate full guest bath. An included washer and dryer add everyday convenience.
The unit also features a private balcony, a large exterior storage closet, and an assigned covered carport. Community amenities include a pool, spa, clubhouse, barbecue area, and established shade trees. The property is near shopping, dining, parks, and freeway access. Built in 1983, the residence measures 879 in the provided property-size field.
The unit also features a private balcony, a large exterior storage closet, and an assigned covered carport. Community amenities include a pool, spa, clubhouse, barbecue area, and established shade trees. The property is near shopping, dining, parks, and freeway access. Built in 1983, the residence measures 879 in the provided property-size field.
Key Highlights
- Open great‑room layout with upgraded flooring in the main living areas
- Kitchen with expanded cabinetry and updated stainless steel appliances
- Primary suite includes vaulted ceiling, dual closets, and private full bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$6,874
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$137,480
$137.5K
Cap Rate 7%
$98,200
$98.2K
Cap Rate 9%
$76,378
$76.4K
Market Conditions
NOI Build-Up for 879 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$13.4K $15.24/SF
− Vacancy
−$898 −$1.02/SF
EGI
$12.5K $14.22/SF
− OpEx
−$5.6K −$6.40/SF
NOI
$6.9K $7.82/SF
Area
Mesa, AZ
Vacancy
6.70%
Lease Rate
$15.24 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$137,480
Cap Rate 7%
$98,200
Cap Rate 9%
$76,378
Alternative Uses
Best Use
Apartment 5plus
$98.2K
$85.9K – $114.6K
NOI $6,874 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$240.9K
$210.8K – $281.1K
NOI $16,866 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
644
Businesses Nearby
Explore this area
Business Placement
Demographics for 85203, AZ
37,962
Population
14,020
Households
2.7
Avg Household Size
33
Median Age
29%
College-Educated
91%
High-School Grad
9.3 sq mi
ZIP Area
4,082
Density / Sq Mi
$72,851
Median Household Income
$40,524
Median Earnings
$1,388
Median Rent
$388,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated interior with included appliances, private outdoor space, covered parking, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 520 N Stapley Drive #205 Mesa, AZ.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Open great‑room layout with upgraded flooring in the main living areas; Kitchen with expanded cabinetry and updated stainless steel appliances; Primary suite includes vaulted ceiling, dual closets, and private full bath
